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Nifty failed to
continue its bullish momentum of the last session and witnessed selling
pressure at higher levels. Markets traded volatile and settled with a cut
of nearly 1%. After the initial uptick, nifty inched gradually lower as
participants preferred to book some profit ahead of july monthly expiry tomorrow 30 July 2020. Besides,
the existence of a critical hurdle around 11350 zone in the Nifty added to the
pressure.Nifty has got stuck in range in between 11100 to 11350 zones and requires a
decisive range breakout with follow up action to commence the next leg of
rally. Now it has to continue to hold 11150 zones to extend its move towards 11355 then 11425 zones while on the downside key support exists at 11025 levels. Markets will react to the outcome of
Fed meet in the early trade on Thursday i.e. 30 July 2020. The scheduled derivatives expiry
combined with earnings would keep the participants on their toes. Indications
are in the favor of further profit-taking in the nifty ahead so we advise booking profits
in existing longs and wait for clarity to re-enter.
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Resistance: 11350,
11450, 11550
Support: 11150,
11050, 10950
good profit given by you , thanks for sharing with us .
ReplyDeletethank u sir . for more live calls contact on whatsapp 9039542248
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